CARLSBAD, CALIF. – The 163-unit Villa Real Apartments in Carlsbad has sold to Triumph Properties Group for $20.1 million. This is the firm’s first multifamily purchase in San Diego County. The community is located at 2701 Avenida de Anita. Triumph plans to invest $3.5 million in capital improvements to reposition the community. John Chu, Ed Rosen and Alexjandro Lombrozo of Cushman & Wakefield of San Diego represented both the buyer and the seller, receiver Douglas Wilson and Company, in this transaction.
SAN JOSE, CALIF. – The 275-unit La Moraga Apartments development in San Jose has received a $52-million construction loan. This new mixed-income multifamily community will be located at the corner of Raleigh Road and Charlotte Drive. It is one of the first apartment developments to arise in the South San Jose area since 2004. The project is scheduled for completion in mid-2014. La Moraga is being developed by St. Anton Partners. The loan was provided by U.S. Bank.
KANSAS CITY, MO. — Berkeley Point Capital has arranged a $33.2 million loan for the acquisition and renovation of Camden Passage, a 596-unit apartment community in Kansas City. Robert Cantizano of Berkeley Point arranged the 10-year loan through Fannie Mae, which features three years of interest-only payments and seven years yield maintenance. The borrower, a multifamily investment fund focused on core and value-add acquisitions, plans to use some of the funds for its capital investment budget and to rename the property Northland Passage.
ROCHELLE PARK, N.J. — Real Estate Growth Advisors has acquired Swan Court Apartments, a 126-unit apartment community in Rochelle Park for $15 million. The sale equates to a 5.6 percent cap rate and $119,048 per unit. The property is located at 235 W. Passaic St. across the street from a ShopRite-anchored shopping center. Thomas McConnell of Marcus & Millichap represented the seller, Genwill Co., in the transaction. He also represented the buyer.
AUSTIN — Crossbeam Concierge has purchased the 290-unit Parmer Place, a multifamily community located at 12101 Dessau Road in Austin’s Tech Ridge submarket. The buyer plans to enhance the common area amenities, including the pool, deck, grilling areas, fitness center and clubhouse. The buyer also plans to implement new landscaping, exterior painting and entry enhancements. Crossbeam’s affiliate, Concierge Management Services, will operate the property.
DALLAS — Marcus & Millichap has arranged the sale of the 208-unit Mayan Palms, a multifamily community located at 7526 Hunnicut Road in Dallas. The property is 91 percent occupied, and the buyer plans to make renovations to the community. Al Silva of Marcus & Millichap’s Fort Worth office represented the seller, an El Paso-based partnership, in the transaction. Silva also represented the buyer, Mayan Palms LLC.
SAN JOSE, CALIF. – The 275-unit La Moraga Apartments development in San Jose has received a $52-million construction loan. This new mixed-income multifamily community will be located at the corner of Raleigh Road and Charlotte Drive. It is one of the first apartment developments to arise in the South San Jose area since 2004. The project is scheduled for completion in mid-2014. La Moraga is being developed by St. Anton Partners. The loan was provided by U.S. Bank.
VENTURA, CALIF. – A 20-unit apartment building in Ventura has sold to an unnamed buyer for $2.7 million. The community is located at 95 South Ann Street. The seller, a private investor, was represented by Greg Kaiser of Marcus & Millichap’s West Los Angeles office.
GREENVILLE, S.C. — A joint venture between Atlanta-based Kaufman Realty Group LLC (KRG); Charlotte, N.C.-based Lat Purser & Associates Inc. (LPA); and Ray Jones, an apartment development veteran also based in Charlotte, will develop The Rhett Street Apartments in downtown Greenville. The mid-rise, luxury apartment complex will include 150 units. The project will begin construction in February 2013 and is being financed by Bank of America and equity from the three joint venture entities and Columbia, S.C.-based Intermark Management Corp., which will manage the property.
ATLANTA — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has awarded $13.6 million to assist in the funding of 43 affordable housing projects in 10 states and Washington, D.C., as part of its 2012 Affordable Housing Program (AHP). Local for-profit and not-for-profit developers, in partnership with FHLBank Atlanta member institutions, will use $12 million of the AHP funds to assist in the acquisition, new construction, rehabilitation or preservation of 1,993 affordable rental and owned housing units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and Washington, D.C.